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FxWirePro: GBP/AUD tests 100-DMA, scope for further upside on close above

  • GBP/AUD failed to extend weakness below 200-DMA, breaks above 100-DMA at 0.7937.
     
  • Technical studies are biased higher. Momentum bullish with RSI strong and rising.
     
  • We evidence bullish divergence on Stochs which adds to the upside bias. 
     
  • Next major bull target lies at 61.8% Fib at 1.8082, break above could see further upside.
     
  • On the flipside, 55-EMA is strong support at 1.7840, break below could see minor weakness.
     
  • Violation at 200-DMA to invalidate bullish bias. 

Support levels - 1.79, 1.7840 (55-EMA), 1.7796 (5-DMA)

Resistance levels - 1.80, 1.8080 (61.8% Fib), 1.81

Recommendation: Stay long on close above 100-DMA, SL: 1.79, TP: 1.80/ 1.8080/ 1.81

FxWirePro Currency Strength Index: FxWirePro's Hourly GBP Spot Index was at -0.616109 (Neutral), while Hourly AUD Spot Index was at -164.265 (Bearish) at 0530 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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